What are the best tools and methods for scheduling audit reporting?

1 Define your audit objectives and scope

The first step in scheduling audit reporting is to define your audit objectives and scope clearly and precisely. This will help you determine the audit criteria, methodology, and evidence required, as well as the audit team, timeline, and budget. You should also identify the audit stakeholders, such as the auditee, the audit sponsor, the audit committee, and the external regulators, and their expectations and needs for the audit report. By defining your audit objectives and scope, you can set the foundation for a successful audit project and avoid any misunderstandings or conflicts later on.

2 Choose your audit reporting format and style

The next step in scheduling audit reporting is to choose your audit reporting format and style, based on your audit objectives, scope, and stakeholders. There are different types of audit reports, such as internal audit reports, external audit reports, compliance audit reports, performance audit reports, and special audit reports, each with its own purpose, structure, and tone. You should also consider the level of detail, clarity, accuracy, and professionalism that your audit report should convey, and the best way to present your audit findings, conclusions, and recommendations. By choosing your audit reporting format and style, you can ensure that your audit report is relevant, useful, and persuasive for your audience.

3 Use a project management tool or software

The third step in scheduling audit reporting is to use a project management tool or software to plan, track, and manage your audit activities and resources. A project management tool or software can help you create a realistic and flexible audit schedule, assign tasks and responsibilities to your audit team members, monitor the progress and performance of your audit work, and communicate and collaborate with your audit stakeholders. Some examples of project management tools or software that are suitable for auditing are Microsoft Project, Smartsheet, Trello, and Asana. By using a project management tool or software, you can optimize your audit efficiency, quality, and transparency.

4 Apply the PDCA cycle

The fourth step in scheduling audit reporting is to apply the PDCA cycle, which stands for Plan, Do, Check, and Act. The PDCA cycle is a continuous improvement method that can help you evaluate and improve your audit process and results. The Plan phase involves setting your audit goals, standards, and indicators, and designing your audit plan and report. The Do phase involves executing your audit plan and collecting your audit evidence and data. The Check phase involves analyzing your audit data and comparing it with your audit standards and indicators, and identifying any gaps, issues, or opportunities for improvement. The Act phase involves developing and implementing your audit recommendations and corrective actions, and verifying their effectiveness. By applying the PDCA cycle, you can ensure that your audit reporting is aligned with your audit objectives and expectations, and that you are always learning and improving from your audit experience.

5 Solicit feedback and input

The fifth step in scheduling audit reporting is to solicit feedback and input from your audit stakeholders throughout the audit process and report. Feedback and input can help you validate your audit findings, conclusions, and recommendations, as well as enhance your audit credibility, reliability, and value. You can solicit feedback and input in various ways, such as conducting interviews, surveys, focus groups, or workshops with your auditee, audit sponsor, audit committee, or external regulators, or sharing draft versions of your audit report with them for review and comments. By soliciting feedback and input, you can foster a collaborative and constructive relationship with your audit stakeholders, and address any concerns or questions they may have about your audit reporting.

6 Review and finalize your audit report

The final step in scheduling audit reporting is to review and finalize your audit report before submitting it to your audit stakeholders. Reviewing and finalizing your audit report involves checking your audit report for any errors, inconsistencies, or gaps in content, logic, or presentation, and making any necessary revisions or adjustments. You should also ensure that your audit report complies with any applicable standards, guidelines, or regulations for auditing and reporting, such as the International Standards for the Professional Practice of Internal Auditing (IPPF), the Generally Accepted Government Auditing Standards (GAGAS), or the Sarbanes-Oxley Act (SOX). By reviewing and finalizing your audit report, you can ensure that your audit report is accurate, complete, and professional, and that it reflects your audit quality and reputation.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?